Goa: Prime Minister Narendra Modi inaugurated the India Energy Week 2024 in Goa today, emphasizing the immense investment potential in the entire solar value chain and India's commitment to sustainable development. He addressed key stakeholders from the energy sector, including policymakers, business leaders, and investors, outlining the government's initiatives and ambitions in this crucial domain.
The Prime Minister highlighted the newly proposed rooftop solarization scheme, aiming to make one crore families energy self-reliant. He underscored the significant growth in India's solar energy capacity, boasting a 20-fold increase in the past decade. This achievement, coupled with India's current ranking as the fourth largest in global renewable energy installed capacity, paints a promising picture for the future of solar in the country. The potential for investment across the entire solar value chain, from manufacturing to installation and maintenance, was emphasized as a key driver of economic growth and job creation.
Beyond solar, Modi highlighted the government's commitment to other clean energy sources. He announced the installation of 5,000 compressed biogas plants across India, promoting the "Waste to Wealth Management" model and contributing to sustainable development. The ambitious National Green Hydrogen Mission was also mentioned, aiming to position India as a global leader in hydrogen production and export.
The Prime Minister highlighted India's impressive economic growth, exceeding 7.5% in the first half of the current financial year. This rate surpasses global estimates, solidifying India's position as the fastest-growing major economy. Experts predict India to soon become the world's third largest economy, further emphasizing the expanding scope of the energy sector in the nation's growth story.
India's status as the world's third largest consumer of energy, oil, and LPG, along with its ranking as the fourth largest LNG importer, refiner, and automobile market, underscores the immense potential for the energy sector. Domestic gas production is on the rise due to government reforms, with the aim of increasing its share in the primary energy mix from 6% to 15%. This transition is expected to attract investments worth $67 billion in the next 5-6 years.
The Prime Minister acknowledged the surging demand for electric vehicles (EVs) in India, indicating a potential shift towards cleaner transportation solutions. He also mentioned estimations of a doubling of the nation's energy demand by 2045, further underlining the need for efficient and sustainable energy sources.
Despite being home to 17% of the world's population, India's carbon emission share remains at only 4%, reflecting the nation's commitment to environmental responsibility. The Prime Minister reaffirmed India's pledge to achieve Net Zero Emissions by 2070, highlighting ongoing efforts to improve the energy mix by prioritizing environmentally friendly sources.
India Energy Week 2024 served as a platform for Prime Minister Modi to showcase India's ambitious energy goals and the vast investment opportunities within the sector. His emphasis on clean energy sources, economic growth, and environmental responsibility paves the way for a sustainable and prosperous future for India.